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Greece

Author

Listed:
  • Andreea Dragoi

Abstract

In the last five years, Greece has faced an economic crisis of unprecedented dimensions in its history, and as a result, was the first Member State which had received, since 2010, a massive financial assistance from the European Commission and the International Monetary Fund. However, in 2013, Greece has continued to be confronted with the recession, for the fifth consecutive year, as a consequence of both an unfavorable internal and external environment, exacerbated by the Euro zone sovereign debt crisis. However, since 2014, according to the European Commission, there are prospects for an economic recovery as a result of improved fiscal and budgetary situation (due to austerity measures implemented in the previous years). As a consequence, the European Commission analysts believe that a future Grexit it's not likely to happen, but the situation of the Greek economy remains volatile, due to a series of risks of which the most notable remains the one related to its huge sovereign debt.

Suggested Citation

  • Andreea Dragoi, 2014. "Greece," Conjunctura economiei mondiale / World Economic Studies, Institute for World Economy, Romanian Academy.
    • Handle: RePEc:iem:conjun:y:2014:id:2822000009579007
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